Rules regarding maintenance of records
- Records may also be maintained in electronic form authenticated by digital signature. Proper backup of the electronic record must be maintained and the same are to be produced on demand.
- Entries in records to not be erased, effaced or overwritten, and all incorrect entries shall be scored out and attested. In case of electronic records, a log of edited and deleted entries to be maintained.
- Each volume of books of account maintained manually to be serially numbered.
Annual audit by a Chartered Accountant or a Cost Accountant if turnover exceeds 1 crore during the financial year